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Kuflink bridge’s the gap whilst our client waits for his long-term finance

The Challenge

Our client had recently purchased a semi-commercial property at auction, and had taken out a short-term loan with an alternative lender to complete the purchase. Unfortunately, the client’s existing lender required repayment of the loan before the broker had been able to put alternative long-term finance in place. Hence the request to borrow £155,000 whilst his long-term finance was being completed.

The Solution

As the client was already in the process of obtaining his long-term finance, we were satisfied with taking a 1st Charge over the property and repaying his existing loan. We agreed a term of six months, to allow the client sufficient time to finalise his long-term finance solution. As a gesture of good-will we waived his exit fees, enabling the client to repay his loan early without additional cost.

Deal Breakdown:

Funds required: £155,000
Loan duration: Six months
LTV: 53%
Security: Freehold semi-commercial property consisting of two retail shops on the ground floor with a large three-bedroom flat on the first floor in Maidstone.
Charge: 1st Charge
90 Day Valuation: £290,000

The broker introduced the client to Kuflink as he has a good relationship with us.